Foreclosures down in U.S. but on rise in Nevada (????)

I thought it was up nationwide???

April 12, 2006

The Western United States and Nevada in particular are among the country's hot spots for significant increases in foreclosures, online database Foreclosure.com reports.

New foreclosures throughout the United States declined for the second straight month in February to 21,402, though the number is up 9 percent from the same month a year ago.

While most areas of the country experienced a drop in new and active foreclosure listings in February, the number increased in parts of the West, said Brad Geisen, the Boca Raton, Fla.-based company's president and chief executive officer.

California, which historically has had very few foreclosures, was hit with a 150 percent increase in new foreclosure listings in February over January. Arizona and Nevada had foreclosure listings jump 161 percent and 99 percent, respectively.

Nevada had 421 properties in foreclosure, including 91 new foreclosures in February.

more...

http://www.reviewjournal.com/lvrj_home/2006/Apr-12-Wed-2006/business/6768816.html

Tarrant county were up 100% in February over last year.

It should say that forclosures aren't going up as fast as they used to, not that they are going down. It's the annual numbers that tell the tale, not the monthly dips or spikes.
Foreclosure inventory numbers often decline in February, partially because legal filings drop off around the holidays and reduce foreclosures in January and February, Geisen said.

"The year-to-year comparison, however, tells a different story," he said. "If new foreclosures in 2006 continue to track 9 percent higher than in 2005, the country will reach higher inventory levels than it has in recent years."

the article itself quotes higher year-over year numbers across the country and even says "The rise in foreclosures started in January. RealtyTrac, another online marketplace for foreclosures, reported that 103,540 properties across the country had entered some stage of foreclosure in January, up 27 percent from the previous month and 45 percent from a year ago."

...so 27% rise "across the country" doesnt jive with the headline , which sounds like local paper trying to make things sound worse for its readership.

in an MSNBC story on "30 Housing Markets to Watch" as one of ten where prices are likely to deflate over the next year or so. The others were predictable, like Boston and LA.

The problem with this article is that "declined for two months in a row" lie. Talk about trying to give the rubes a false sense of security!

there are still alot of rich Bush-supporting developers who recently sunk their claws into federal land for housing construction in areas around Vegas that have serious water issues ...lack of water ....

Colorado.

An increasing number of people avoid foreclosure by selling to investors or brokers. If you've gotten junk mail or seen signs labelled "We Buy Houses" recently, it's because more people are doing it.

Most sales like this are based on the remaining balance on the home equity loan. If there's enough equity in the house, the owner can avoid a foreclosure and walk away with a few thousand dollars cash, the broker can get a cheap property, and the bank can avoid the expense and trouble of dealing with a foreclosed property.

The number of houses that are heading for foreclosure is thus a lot higher than actual foreclosures, and the difference is increasing.